Suggestions for the fostering of entrepreneurship

Entrepreneurship is a source of innovation and change. The paper first analyses the exact nature of entrepreneurship and its role in economic theory, then the individual and environmental determinants of entrepreneurship is presented. At the final part, the paper gives some suggestions as to how to foster entrepreneurship. The author argues that a comprehensive approach to the promotion of entrepreneurship rests on three primary pillars: strengthening of entrepreneurial skills, improving entrepreneurial framework conditions and supporting entrepreneurship education in universities.